Privacy Policy

Introduction

At Bancsimple, we take your privacy seriously. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our financial management platform.

Information We Collect

Personal Information

We collect the following types of personal information:

• Name and email address when you create an account
• Financial account information when you connect your accounts via Wealthica
• Transaction data, account balances, and investment holdings
• Usage data and interaction with our platform

Automatically Collected Information

We automatically collect certain information when you use our service:

• Device information and IP address
• Browser type and operating system
• Usage patterns and preferences
• Log data and analytics

How We Use Your Information

We use your information to:

• Provide and maintain our financial management services
• Aggregate and display your financial accounts in one place
• Identify subscriptions and recurring payments
• Calculate your net worth and investment performance
• Provide personalized financial insights and recommendations
• Improve our services and develop new features
• Communicate with you about your account and our services
• Ensure the security and integrity of our platform

Financial Account Connections

When you connect your financial accounts, we use Wealthica's secure API to access your account information. We only have read-only access to your accounts and cannot initiate transactions or move money.

We never store your banking credentials. Authentication is handled securely by Wealthica and your financial institutions.

Data Security

We implement industry-standard security measures to protect your information:

• 256-bit encryption for data transmission
• Secure data storage with encryption at rest
• Regular security audits and monitoring
• Multi-factor authentication options
• Compliance with financial data protection standards

However, no method of transmission over the Internet is 100% secure. While we strive to protect your information, we cannot guarantee absolute security.

Information Sharing

We do not sell, trade, or rent your personal information to third parties. We may share your information only in the following circumstances:

• Service Providers: With trusted third-party service providers (like Wealthica) who assist in operating our platform
• Legal Compliance: When required by law or to protect our rights and safety
• Business Transfers: In connection with a merger, acquisition, or sale of assets
• With Your Consent: When you explicitly authorize us to share your information

AI Assistant Integrations (Claude / MCP Connector)

Bancsimple offers an optional integration with AI assistants such as Claude (by Anthropic) through the Model Context Protocol (MCP). This integration lets you ask Claude questions about your finances and have Claude retrieve relevant data from your Bancsimple account to answer them. This is a distinct data flow from the account connections described above: instead of Bancsimple pulling data in from your financial institutions, connecting an AI assistant causes your Bancsimple data to be transmitted out to that assistant's session.

Opt-In and User-Initiated

Connecting Bancsimple to Claude (or any other AI assistant) is entirely optional and must be initiated by you. No data is shared with any AI assistant unless you explicitly connect your account through the Bancsimple Connected Apps page and complete the authorization flow. You choose which categories of data to expose at the time you connect.

What Data Becomes Accessible

When you authorize the MCP connector, Claude may retrieve the following categories of your Bancsimple data in response to your questions, depending on the scopes you grant at connection time:

• Net worth and net worth history
• Connected account balances and details
• Transactions and spending categories
• Subscriptions and subscription price-change alerts
• Budgets and savings goals
• Investment holdings and investment transactions
• Personal asset valuations (items)
• Bills and recurring payments
• Real estate property valuations
• Private equity holdings

Data is retrieved by Claude on-demand, only when you ask a question that requires it. Bancsimple does not bulk-export or push your data to Claude.

How Claude/Anthropic Handles Your Data

Once your data is retrieved by Claude, it is processed by Anthropic within your Claude session. Bancsimple does not control how Anthropic handles, stores, or uses data once it has been transmitted to Claude. How Anthropic treats conversation data — including whether it may be used for model training — depends on the Claude product and account tier you are using (for example, claude.ai consumer plans versus API or Enterprise plans). You should review Anthropic's privacy policy and terms for the specific Claude product you are connecting through to understand how your data is handled downstream:

Anthropic Privacy Policy ↗

What Bancsimple Does and Does Not Log

• We do not log or store the content of your AI conversations. Bancsimple does not record, retain, or store the prompts you send to Claude or the responses Claude generates.
• We log only operational metadata necessary to authenticate MCP requests and maintain security — such as the fact that a connection exists, the scopes granted, and the timestamp of the last request. We do not log the specific data retrieved or the questions asked.
• We do not use AI conversation data for our own purposes — analytics, model training, or otherwise — because we do not collect it in the first place.

Disconnecting and Revoking Access

You can disconnect Claude (or any AI assistant) at any time from the Bancsimple Connected Apps page. Disconnecting immediately revokes the assistant's access token, preventing any further retrieval of your data through the MCP connector. Because Bancsimple does not store AI conversation content, there is no conversation history to delete on our end. Disconnecting does not retroactively affect data that Claude may have already retrieved or processed during prior sessions — any such data is governed by Anthropic's own retention and privacy practices. Your underlying Bancsimple data (accounts, transactions, etc.) is unaffected by disconnecting an AI assistant.

Security of the Connection

The MCP connector uses OAuth 2.0 authorization with scoped access tokens. Claude receives only an access token bound to the scopes you granted — it never receives your Bancsimple password or your Wealthica banking credentials. All data transmission between Claude, the MCP server, and Bancsimple is encrypted in transit using TLS.

Your Rights

You have the following rights regarding your personal information:

• Access: Request access to your personal data
• Correction: Request correction of inaccurate or incomplete data
• Deletion: Request deletion of your personal data
• Data Portability: Request a copy of your data in a portable format
• Withdrawal of Consent: Withdraw consent for data processing at any time
• Account Disconnection: Disconnect linked financial accounts at any time

Data Retention

We retain your personal information only for as long as necessary to provide our services and fulfill the purposes outlined in this Privacy Policy. When you delete your account, we will delete or anonymize your personal data within 30 days, except where we are required to retain it by law.

Cookies and Tracking

We use cookies and similar tracking technologies to enhance your experience, analyze usage patterns, and maintain your session. You can control cookie preferences through your browser settings.

Children's Privacy

Our service is not intended for individuals under the age of 18. We do not knowingly collect personal information from children. If you believe we have collected information from a child, please contact us immediately.

International Data Transfers

Your information may be transferred to and processed in countries other than your country of residence. We ensure appropriate safeguards are in place to protect your information in accordance with this Privacy Policy.

Changes to This Privacy Policy

We may update this Privacy Policy from time to time. We will notify you of any material changes by posting the new Privacy Policy on this page and updating the "Last Updated" date.

Contact Us

If you have questions or concerns about this Privacy Policy or our data practices, please contact us at:

Email: Hello@bancsimple.ca
Address: Bancsimple Inc., Toronto, Ontario, Canada